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Pakistan signs $3bn deposit agreement with Saudi Arabia

Per a joint statement, the deposit amount under the agreement shall become part of SBP’s foreign exchange reserves.

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Pakistan signs $3bn deposit agreement with Saudi Arabia
GNN Media: Representational Photo

Karachi: State Bank of Pakistan (SBP) on Monday signed an agreement for a deposit of $3 billion from Saudi Fund for Development (SFD).

The State Bank of Pakistan issued a statement regarding the agreement, which stated that a deposit agreement between the Kingdom of Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the Government of the Islamic Republic of Pakistan, represented by the State Bank of Pakistan (SBP), was signed on Monday by the Chief Executive Officer of SFD, H.E. Sultan Bin AbdulRahman Al-Marshad and the Governor SBP, Dr. Reza Baqir at the State Bank of Pakistan in Karachi, Pakistan.

Under this deposit agreement, SFD shall place a deposit of USD 3.0 billion with SBP.

The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves. It will help support Pakistan’s foreign currency reservesand contribute towards resolving the adverse effects of the COVID-19 pandemic.

The overall financial support from the Saudi government, along with over $1 billion tranches from International Monetary Fund (IMF), will give a cushion to foreign exchange reserves of the country, which witnessed consistent outflows of the Dollar on account of payment of debt services.

The SBP said that the deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries.

Siddra Sumreen

Syeda Siddra has been working as a web journalist for over the past seven years. She earned her M.Phil degree in Mass Communication from the Lahore Leads University. Ms. Siddra has previously worked with other renowned channels and is now associated with GNN as Senior Content Writer.

Technology

Twitter expands feature that allows users to flag misleading content

The feature was first tested in the United States, Australia and South Korea

Published by Faisal Ali Ghumman

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Twitter expands feature that allows users to flag misleading  content

Twitter said on Monday it will expand its test feature which allows users to flag misleading content on its social media platform to Brazil, Spain and the Philippines.

The company had introduced the pilot test of the feature in August last year, as a part of its effort to reduce misinformation on its platform.

It was first tested in the United States, Australia and South Korea.

Since it was first announced, Twitter said it has received around 3 million reports from users who have used it to flag tweets which they believe are in violation of its policies.

The social media giant last year launched another program called Birdwatch, which lets participants write notes and provide additional context to misleading tweets, though those notes are held on a separate website.

SOURCE: REUTERS

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Sports

10 members of PCB staff members test positive for coronavirus

The cricket board has already administered the booster dose of the coronavirus vaccine to its staff

Published by Faisal Ali Ghumman

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10 members of PCB staff members test positive for coronavirus

Lahore: The Pakistan Cricket Board (PCB) on Monday has confirmed 10 positive cases of COVID-19 among its staff members.

According to an official statement released by the board in this regard, five members of the PCB staff, while five ground employees have tested positive for the virus.

The infected members have been isolated after their tests came positive, the board said in the statement, adding that the tests were conducted last week.

It is pertinent to mention here that the cricket board has already administered the booster dose of the coronavirus vaccine to its staff.

The PCB has said that all coronavirus standard operating procedures (SOPs) will be followed and all meetings will be virtual, while the staff will strictly abide by the protocols.

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Pakistan

Rupee further strengthens against greenback, closes at 175.92

The rupee appreciated as much as 175.5 in intra-day trading but ended with clipped gains

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Rupee further strengthens against greenback, closes at 175.92

Karachi: Pakistan's rupee shown strength against the US dollar on Monday to close at 175.92 in the inter-bank market.

The recovery was supported by a weak dollar demand for import payments and exporters' forward selling of the greenback.

The rupee appreciated as much as 175.5 in intra-day trading but ended with clipped gains.

According to the State Bank of Pakistan, the rupee finished with a gain of 0.09% or 15 paisas day-on-day against the US dollar.

 

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